Tips & knowledge to help your 401k planning efforts.
The median value in 2007 of all retirement accounts owned by households headed by persons between the ages of 55 and 64 was $100,000.
For a 65-year-old man retiring in April 2009, $100,000 would be sufficient to purchase a level, single-life annuity that would pay income of $700 per month for life, based on current interest rates. Because women have longer average life expectancies than men of the same age, $100,000 would purchase a level, single-life annuity that would pay income of $650 per month for life to a 65-year-old woman retiring in April 2009. (SOURCE: Congressional Research Service: Retirement Savings and Household Wealth in 2007)